Real estate prices are steady in Manhattan, but sales fall

The Manhattan real estate market closed out 2011 with prices relatively flat, but sales volume for the fourth quarter was down by more than 12 percent from the previous year largely because of shrinking condominium inventory as fewer new developments came to market, according to reports that will be released by the city’s major brokerage firms on Wednesday.
The median fourth-quarter sales price was $855,000, down 1.2 percent from the same time in 2010, according to one report, from Prudential Douglas Elliman………………………………………..Full Article: Source